Redfin Announces Redfin Max, a New Pay Plan for Agents

Redfin announced Redfin Max, a new pay plan for agents, on Wednesday. With Redfin Max, agents earn competitive splits as high as 75%, have virtually all business expenses covered, and get technology, support, benefits and customer introductions from Redfin.com. Redfin Max is launching in San Francisco and Los Angeles, and Redfin plans to expand it over time. Agents can connect with Redfin to learn about how they can maximize earnings and take their business to the next level with Redfin Max.

Redfin Max is part of Redfin's strategy to invest in its high-performing agents and recruit top talent. Craig Pellegrini, an industry veteran with more than two decades of real estate experience and hundreds of millions in sales volume, recently joined Redfin's Silicon Valley team from Intero.

"I came to Redfin because it offers everything I need to grow my business with no overhead," said Pellegrini. "I can focus on the highest and best use of my time by serving customers, while Redfin takes care of the day-to-day hassles and expenses. My transaction coordinator and support team are amazing and Redfin's technology platform is unmatched by anything else I've seen in this industry. At Redfin, I'm not cold-calling customers; they come to me. Next week, I'm closing a $5 million transaction with someone I met through Redfin and that's now a relationship I can build on for life."

The Redfin Max plan includes:

• Big splits. Zero expenses: Agents earn splits as high as 75% on their own deals. Once you account for the Redfin-borne costs traditionally paid by agents, including benefits, mileage, payroll taxes and listing expenses, the effective split for self-sourced sales will top out at roughly 90%. For customers they meet through Redfin's platform, agents get up to 40% split.

• Meet over 100 customers a year: By plugging into the Redfin platform and the 50 million people who use Redfin's app and website every month, agents can grow their business rapidly.

• Business in a box: Redfin's technology and staff handle qualifying customers, scheduling and hosting tours, and coordinating sales and listings. Agents focus on closing deals for customers.

• Top-tier benefits: Redfin's benefits package includes medical, dental, and vision insurance; fertility benefits; 401(k) employer match and employee stock purchase program.

• Define the future of real estate: Redfin puts the customer first, makes the industry more fair and transparent, and uses technology to modernize the real estate experience and make it better.

"For agents this is going to feel like a whole new Redfin, uniting the earning potential of a big split with the world-class support, marketing, benefits and customers that only Redfin can offer," said Jason Aleem, Redfin's senior vice president of real estate operations. "Agents have always envied our tech platform and pipeline of customers, now they'll see Redfin as a place where they can maximize their earnings and build a lifetime business."

Redfin's employee agent model was built to put the customer first by ensuring agents have the support they need to deliver the best service. Redfin uses technology to make real estate more efficient, which is why Redfin has the most productive agents in the industry. Redfin agents close more than twice as many transactions as the average agent every year.

"Our goal is to reward our top agents, who are among the most productive and experienced in California, and propel them to million-dollar earnings," Aleem continued. "Redfin Max has already helped us recruit top talent who recognize the potential of this model to power their career and change the industry."

Launching in San Francisco and Los Angeles Now

All Redfin agents in Redfin's San Francisco and Los Angeles markets will move to the new pay plan on January 1. In all other markets, Redfin lead agents will continue to operate under Redfin's existing plan, earning a base salary and bonuses for every closed transaction. Nationwide, Redfin agents earn more than double the typical real estate agent and the company's best agents have earned more than $750,000 under the existing plan. Redfin expects top agents to earn even more with the Redfin Max plan.